How to Create a Product Strategy and Roadmap

Wanna know how to create a product strategy and roadmap? Read on to learn more.

How to Create a Product Strategy and Roadmap

Step 1: Define the strategy

What is the purpose of the product strategy? The answer to this question is what differentiates a product strategy from a product roadmap. 

While both may visually share similarities, the reason for each differs. So, you need to differentiate them first.

Remember, a product strategy means a high-level, top-down view of the product. It serves as a vision for the product and its direction. 

A product roadmap, on the other hand, is a tactical view of how you’ll achieve your product strategy. It focuses on specific tactics and activities to achieve what you outlined in your product strategy.

Step 2: Review and manage ideas

Now that you know what a product strategy and roadmap are, you need to review all ideas. 

Ideas come in different forms, so you need to categorize them according to their nature. For example, if you receive feedback from the market, you’ll want to track it so you can implement it in your strategy.

If you see an opportunity for your product in the market, that’s also an idea that may help you create your strategy. Ideas can also come from stakeholders or colleagues who have an interest in the product. 

An idea may be presented by the sales team as they try to sell more of your product. Or it can be presented by investors who want to see how their money can be used to make more money. 

You’ll also want to note any ideas related to new technology or changes happening in the marketplace. 

If there’s something new happening in your industry, there’s a good chance it could affect your product strategy. 

So, when reviewing ideas, it’s important that they’re categorized by their origin or source. Noting this will help keep everyone on the same page and help avoid confusion about priorities and directions. 

Step 3: Define features and requirements

Now that you’ve gathered all your ideas, it’s time to define the project. 

You’ll want to define the features and requirements of the project, which will serve as your product road map. 

For example, you may want to create a new version of your product. Or, you may want to introduce a new feature in your product. 

To define these features and requirements, you’ll want to consider what’s best for your users. For example, if you’re launching a new version of your product, does it have all the features that your users want? 

You may need to do additional research in order to create the most innovative product in the market. Another option is to ask users how they’d like your product to be improved in the future. 

Summary

In the end, you must have a clear understanding of your product strategy. And it’s just as important to have a clear understanding of your product roadmap.

Instead, just do the best you can with what you have. As for your product roadmap? That’s an ongoing process, so it’s OK if things change along the way. 

As long as you keep everything on track, you’ll ensure that you achieve your goals and vision!